Parliament Moves to Strengthen Financial Systems, Security Laws

GOOBJOOG NEW | MOGADISHU: The lower house of parliament has taken key steps toward modernizing the country’s financial system and tightening laws against piracy and kidnapping, as lawmakers advanced two major reform bills.

The National Payment System Bill, aimed at creating a secure, regulated framework for digital and cash transactions, was given a second reading. Lawmakers said the measure would help build public confidence in Somalia’s banking sector and support economic growth.

Parliament also reviewed amendments to the 1975 Anti-Piracy and Kidnapping Prevention Law, part of broader efforts to bolster maritime security and combat organized crime. Speaker Sheikh Adan Mohamed Nuur (Madoobe) directed committees to refine the bills and prepare them for a final vote.

In a separate motion, lawmakers proposed designating October 14 as a national day of remembrance for victims of terrorism, underscoring Somalia’s continued push for healing and national unity after years of insurgent violence.

Several other draft laws, including on minerals, electronic transactions, and sexual offenses, were distributed for review, signaling the government’s drive to update outdated legal frameworks and attract investment.